Electronics Production | February 03, 2011
Premier Farnell disposes of TPC Wire & Cable
Distributor Premier Farnell has disposed of the entire issued share capital of TPC Wire & Cable Corp.
Premier Farnell has completed the sale of the entire issued share capital of TPC Wire & Cable Corp. to TPC Intermediate Holdings, Inc, a venture capital vehicle backed by Pfingsten Partners LLC, for a total consideration of USD 43 million (subject to a working capital adjustment) paid in cash on completion. Harriet Green, Premier Farnell's Group Chief Executive saiid: "This sale represents another step in Premier Farnell's strategic journey to shape its business to deliver profitable growth by focussing on the Electronic Design Engineer and profitable MRO markets. This proven strategy is supported by continuing advances in the Group's e-commerce and element14 community web channels which are further strengthening its multi-channel and increasingly web-centric proposition. We wish TPC and its employees well for the future"